We have not previously drawn attention to the European Investment Bank’s launch a few months ago of the first Scottish JESSICA Urban Development Fund, which will invest at least £33 million in a range of regeneration projects across eligible local authority areas. While important for regeneration, it appeared to be aimed mainly at infrastructure projects.

However the Big Lottery Fund is now to set up a new £15 JESSICA (Scotland) Trust. This is intended to ‘help disadvantaged urban communities most affected by serious economic decline, market failure and disadvantage to become stronger and more sustainable, through their own efforts’. It will invest in projects that create opportunities for local people and community-led organisations to develop locally owned, led and controlled assets that will lead to local regeneration. Once established, the JESSICA (Scotland) Trust will be an independent body working to the stated objectives. Expenditure will be at the geographic neighbourhoods of greatest disadvantage in13 designated local authority areas.